By Collin Eaton and Patricia Garip
The Treasury Department moved Tuesday to formally rescind a Biden-era license allowing Chevron to pump oil in Venezuela, giving the company 30 days to wind down operations as the Trump administration pressures President Nicolás Maduro.
Moving to revoke Chevron's oil license marks a sharp about-face for the Trump administration. White House special envoy Richard Grenell met with Maduro in Caracas on Jan. 31, striking a deal for Maduro to resume accepting deportees, with an understanding that oil licences would remain in effect at least for now, people familiar with the deliberations said. Grenell denied that any oil-for-migrants deal had been made.
"We are aware of the President's directive and will abide by any direction given by the U.S. Treasury Department to implement that directive," Chevron spokesman Bill Turenne said. "Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government."
Today"s action does not apply to non-U.S. oil companies that have operations in Venezuela, including European firms Repsol, ENI and Shell. But the Treasury Department could later.
Updates to follow as news develops
Write to Collin Eaton at collin.eaton@wsj.com
(END) Dow Jones Newswires
March 04, 2025 11:22 ET (16:22 GMT)
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